Global Friction Modifiers Market Report and Forecast 2024-2032

Global Friction Modifiers Market Outlook

The global friction modifiers market reached an approximate value of USD 1,039.52 million in 2023. The market is expected to grow at a CAGR of 3.5% in the forecast period of 2024-2032, to reach a value of USD 1,416.67 million by 2032.

Organic Friction Modifiers Segment Accounts for a Significant Share in the Global Market

Based on type, the organic segment accounts for a significant share in the market for friction modifiers and is anticipated to witness considerable growth in the forecast period. This can be attributed to the growing demand for organic polymeric friction modifiers, owing to the outstanding friction reduction in mixed sliding-rolling, thermal and oxidative stability, and anti-wear benefits.

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The excellent filming properties of the organic polymeric friction modifiers boosts the durability of a metal by increasing its potential to withstand wear. This factor makes it ideal for the automotive industry. In addition to this, organic polymer friction modifiers reduce the coefficient of friction to levels which conventional friction modifiers cannot reach. 

The Asia Pacific Accounts for a Significant Share in the Market

The friction modifiers market in the Asia Pacific is driven by the growing demand for lubricants, owing to the thriving automotive industry in India, China, Japan and South Korea. The availability of major friction modifier brands in the region, coupled with the stable cost of raw materials is likely to augment the market in the forecast period. The market in the region will further be aided by the growing domestic demand for passenger and commercial vehicles in India and China. 

Friction Modifiers: Industry Definition and Segmentation

Friction modifiers are polar molecules which are added to lubricants in order to reduce the coefficient of friction and improve lubricity. These molecules have a high energy affinity for metal surfaces and are known to increase the energy efficiency.

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Based on type, the market is segmented into:

• Organic Friction Modifiers

• Inorganic Friction Modifiers

The major end users industries of friction modifiers include:

• Automotive

• Industrial

• Marine

• Others

The regional markets for friction modifiers include North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

Rising Application of Friction Modifiers in the Marine Industry to Boost Market Growth

The global friction modifiers market is driven by the rising applications of friction modifiers in the marine industry. This is owing to the growing demand for marine lubricants for the main engine of the ship which in-turn cools and lubricates the internal parts.

Friction modifiers are required not only for cooling, but also to remove any debris or impurities. Additionally, the thriving sea trade in different parts of the world is likely to harness the demand for frictional modifiers. The rising demand for industrial lubricants, owing to the rapid industrialisation and urbanisation in emerging economies, is likely to provide impetus to the market growth.

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Key Industry Players in the Global Friction Modifiers Market

The report gives a detailed analysis of the following key players in the global friction modifiers market, covering their competitive landscape, capacity, and latest developments like mergers, acquisitions, and investments, expansions of capacity, and plant turnarounds:

• BASF SE

• Lubrizol Corporation

• Croda International Plc

• Chemtura Corporation

• Afton Chemical Corporation

• Others

The comprehensive EMR report provides an in-depth assessment of the industry based on the Porter's five forces model along with giving a SWOT analysis.
 

Key Highlights of the Report